The 2024 Paris Olympics kicked off on July 27, and dozens of medals have already been awarded. For winning, athletes receive not only medals, an Olympic mascot, and a “mystery” box with an official event poster, but also financial rewards.
It’s worth noting that the International Olympic Committee does not award prize money for medals. However, several countries do award their athletes for their efforts and victories.
Below are some payouts based on information gathered by CNBC from national Olympic committees, sports associations, and local reports.
Highest Payouts for Olympic champions
Hong Kong and Singapore offer the highest prizes for winning
Compared to the payouts for athletes who competed in the Summer Olympics in Tokyo, the rewards are 20% higher.
Gold medalists will receive HK$6 million (US$768,000). Silver and bronze medalists will receive HK$3 million and HK$1.5 million, Hong Kong Chief Secretary Chan Kwok-kee announced in early July.
Vivian Kong won Hong Kong’s first medal at the Paris Games. She took first place in the women’s epee fencing event. Cheung Ka-long also won gold in the men’s foil event. Swimmer Siobhan Bernadette Haughey won bronze in the women’s 200m freestyle.
Singapore pays Olympic medalists S$1 million ($745,300) for gold, S$500,000 for silver and S$250,000 for bronze. Swimmer Joseph Schooling was the only one to receive cash. He won the 100m butterfly gold medal at the 2016 Rio Olympics.
Other countries’ prize money
Israel, Malaysia, Kazakhstan and Indonesia are also offered hefty sums for winning gold medals. Israel is reportedly giving one million Israeli shekels ($270,537) for a gold medal, 50% more than at the Tokyo Games.
Host country France is also reportedly upping its prize money. Gold medalists are set to receive €80,000 ($86,528), €15,000 more than at the Tokyo Olympics.
Some countries are offering incentives for athletes who didn’t win. The German Sports Aid Foundation will pay a cash prize to the eighth-place finisher at the Olympics. Gold medalists receive 20,000 euros.
According to local media, Indian Olympic athletes receive cash rewards from both the government and the national sports body. The government gives gold medalists 7.5 million rupees ($90,000). The Indian Olympic Association is offering 10 million rupees separately.
Other Prizes
In addition to cash, athletes receive additional prizes such as apartments and cars. These prizes will be from both the government and private companies.
It is reported that Kazakh Olympic athletes can earn $250,000 for a gold medal, $150,000 for a silver medal, and $75,000 for a bronze medal. In addition, the state gives apartments to medalists.
Local media reports that the National Sports Council of Malaysia is offering a reward of RM1 million (US$215,563) for individual gold medalists. Silver medalists will receive RM300,000 and bronze medalists will receive RM100,000. Some private companies in Malaysia are reported to have offered luxury apartments or additional money.
Malaysian Youth and Sports Minister Hannah Yeoh said that all athletes who win a medal will also receive a “foreign car.”
South Korea will pay 63 million Korean won (US$43,288) to gold medalists. In addition, athletes will have the option of a lifetime monthly pension of 1 million won or a lump sum payment of 67.2 million won.
The silver medalist received 35 million won and the bronze medalist 25 million won.
The Polish Olympic Committee will pay 200,000 Polish zlotys ($50,374) to Klaudia Zwolinska for winning silver in the women’s K1 canoe slalom event. In addition, she will receive a painting, a holiday, a scholarship and a diamond.
Athletes from Great Britain, Norway and several other countries do not receive any monetary reward for their place on the podium.